African Infrastructure Investment Managers (AIIM), a member of Old Mutual Alternative Investments and Africa’s most experienced infrastructure manager, has appointed two joint-managing directors.
Eni, bp and Total have successfully tested the well drilled on the prospect called Bashrush, in the North El Hammad concession, in the conventional Egyptian waters of the Nile Delta.
Eni has announced the successful drilling of the SWM-A-6X well, in the South West Meleiha development and exploration concession located in the Egyptian Western Desert, 130 km North of the of Siwa Oasis.
Qatar Airways Group, owner and operator of Qatar Airways has launched four international investment arbitrations against the Arab Republic of Egypt, United Arab Emirates, Bahrain and the Kingdom of Saudi Arabia.
IFC is launching a new advisory program to improve women employment opportunities in Egypt, by highlighting how private sector companies can tap into the country’s large, underutilized female talent pool and spur economic growth.
Chevron Corporation has entered into a definitive agreement with Noble Energy to acquire all of the outstanding shares of Noble Energy in an all-stock transaction valued at $5 billion, or $10.38 per share.
DB Schenker has invested in the construction and operation of Egypt’s first dry port, in association with the partners 3A International and Elsewedy. It is expected to open in 2022.
The European Bank for Reconstruction and Development (EBRD) is supporting Egypt’s New Urban Communities Authority in its plans to diversify funding sources by tapping the debt capital market with an investment of €86.5 million.
The World Bank responded to dual economic shocks caused by the COVID-19 pandemic and the subsequent collapse in oil prices with strong lending, technical assistance and global expertise throughout the Middle East and North Africa.
To meet its soaring demand for energy, Egypt is turning to renewable sources. Its targets, if accomplished, will see it become a pioneer in the African energy landscape. But are the plans realistic?
Afreximbank disburses $3.55bn to cushion impact of COVID-19, $300m to stimulate intra-African trade in Egypt
The African Export-Import Bank (Afreximbank) has disbursed a total of $3.55 billion to the Egyptian Banking sector under its Pandemic Trade Impact Mitigation Facility (PATIMFA).
The European Investment Bank (EIB) approved € 16.6 billion of new financing for projects across Europe and around the world, including more than € 10 billion of COVID-19-related investment to improve public health.
IFC is joining forces with the National Bank of Egypt and MSMEDA to strengthen the clean technology entrepreneurship sector and boost Egyptian farmers’ access to finance for solar irrigation.
Orange Egypt, provider of integrated telecommunications services has been ranked the first in the speed of data services for almost a year since the inception of issuing the NTRA’s monthly report on the quality of communications network services.
The OPEC Fund for International Development (the OPEC Fund) signed a $95 million loan agreement with Egypt to help create thousands of job opportunities and boost self-employment in the North African country.
TechnipFMC has signed a major Engineering, Procurement, and Construction contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new Hydrocracking Complex for the Assiut refinery in Egypt.
The European Bank for Reconstruction and Development (EBRD) and the European Union (EU) are stepping up their support for green investments and climate resilience in Egypt, Morocco.
Orange Egypt has announced its cooperation with TABIBI clinics to avail the necessary health support to Orange customers.
IFC announced a loan of up to $100 million to Commercial International Bank (CIB), Egypt’s largest private bank, to help the bank increase support to clients and companies whose cash flows have been disrupted by the COVID-19 pandemic.
IFC, IFU and PROPARCO are providing an equity financing package of up to $108.5 million to Humania, a private healthcare company, to help improve medical care in Egypt and Morocco.
Eni, BP and Total have successfully drilled the first exploration well in the North El Hammad license, in the conventional Egyptian waters of the Nile Delta, on the prospect called Bashrush.
The European Bank for Reconstruction and Development (EBRD) and the United Nations World Tourism Organisation (UNWTO) are joining forces to boost the recovery of the tourism sector across the 38 economies where the Bank invests.
The European Bank for Reconstruction and Development (EBRD) is reinforcing its support for the Egyptian economy with $100 million loan to Commercial International Bank (CIB), a longstanding partner bank of the EBRD.
The European Bank for Reconstruction and Development (EBRD) is supporting the Egyptian Economy with $200 million financing package to National Bank of Egypt (NBE) for trade and for on-lending to local companies.
IFC is investing up to $10 million in a local Egyptian company to help it expand installation of digital prepaid and smart electricity meters in Egyptian homes.
The Board of Directors of the African Development Bank has approved a 225 million euros loan to finance Egypt's Electricity and Green Growth Support Program
The United Oil & Gas reports that the El Salmiyah-5 development well on the Abu Sennan concession in Egypt early analysis of logging and testing suggests that the Well significantly exceeds pre - drill estimates.
The European Bank for Reconstruction and Development (EBRD) is providing loans for up to US$ 100 million to National Bank of Kuwait Egypt (NBKE) for on-lending to private businesses in Egypt.
Telecoming, a global company in the development of digital services monetization technologies, has entered the Egypt market to promote digital entertainment.
Recently, Svitzer took an important step towards strengthening its presence in Africa by signing a five-year contract with Nacala Logistics in Mozambique for harbour towage, occasional pilot transfer and potential salvage work in the port of Nacala.
The African Development Bank (AfDB) approved a $500,000 emergency assistance grant to Egypt to provide food relief, and to contribute to restoring the livelihoods of vulnerable populations severely affected by COVID 19.
Asia-Africa-Europe-1 Consortium deploys Infinera to double capacity on intercontinental cable system
Infinera announced that Asia-Africa-Europe-1 Consortium (AAE-1) has completed a significant upgrade with Infinera to boost capacity on its subsea network connecting East Asia to Europe via Egypt.
BP announced the appointment of Karim Alaa as the incoming Senior Vice President for North Africa, effective 1 July 2020, following the retirement of Hesham Mekawi.
Orange Egypt announced its contribution to maintain and repair medical ventilators as part of the “Breathe” campaign in cooperation with the Egyptian Cure Bank and under the supervision of the Ministry of Health.
PSW Group announces its capping stack division has completed its first international operation for a deepwater well offshore Egypt.
The European Investment Bank (EIB) has signed a financing agreement of $100 million with Banque du Caire (BDC) to finance the investments of Egyptian small and medium enterprises (SMEs) in the manufacturing and services sectors.
Egypt’s economy will slow sharply this year because of the impact of the coronavirus, but will avoid a recession, according to the latest forecast by the EBRD.
The European Bank for Reconstruction and Development (EBRD) is rolling out a programme in response to the economic impact of the coronavirus pandemic in Egypt, with a financial package for QNB ALAHLI.
EgyptAir and Air Cairo have signed a Memorandum of Understanding (MoU) to enhance strategic positioning, network and fleets that will add new customers to both airlines.
Neptune Energy announced the successful completion of an ocean bottom nodes (OBN) multiclient survey in the North West El Amal block, offshore Egypt, delivering promising results for further analysis.
The International Islamic Trade Finance Corporation (ITFC) has signed a $100 million financing agreement with Egypt’s GASC to cover the government’s essential strategic commodity needs.
BP, a multinational oil and gas company announced that Hesham Mekawi, Regional President, North Africa, has decided to retire.
SDX Energy announced the successful flow rate test at Sobhi discovery well in the South Disouq Exploration Permit onshore Nile Delta, Egypt.
The Central Bank of Kenya announced the acquisition of 51 percent of the shareholding of Mayfair Bank by Commercial International Bank (Egypt) S.A.E (CIB) effective May 1, 2020.
SDX Energy announced the discovery of gas at its SD-12X well in the South Disouq Concession, Egypt.
Novosibirsk Chemical Concentrates Plant, an enterprise of ROSATOM’s TVEL Fuel and the Egyptian Atomic Energy Authority have signed 10-years term contract for supply of low-enriched nuclear fuel components.
Energy Recovery announced awards of USD $8.3M to supply its PX and related equipment and services to multiple desalination projects in Egypt.
NetDragon Websoft Holdings Limited has announced that Edmodo, its global online education platform has been selected by the Ministry of Education in Egypt to be the designated online learning platform.
The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees to support the operation and maintenance of six additional solar power plants at the Benban Solar Park in the Aswan Governorate in Upper Egypt.
Credit Agricole Egypt has extended its digital user experience and launched the third digital channel “desktop channel”.
The World Bank has announced additional financing of US$500 million to support ongoing efforts to improve the affordability of formal housing for low-income households in Egypt.
The United Nations Volunteer Programme (UNV) and COMESA Secretariat have revived the partnership to operationalize the Youth Internship and Volunteer Project.
Cairo-based fresh bread and groceries delivery startup Breadfast has raised a seven-figure bridge funding round as it prepares for its Series B.
IrisGuard UK Ltd has announced the deployment of its revolutionary EyePay® Cash mobile platform enabling refugees in Egypt to receive their financial aid assistance via iris identification.
Fiorano Software has announced that Crédit Agricole, Egypt has implemented the Fiorano Hybrid Integration Platform (HIP) to reduce time and cost required for integrating applications.
Shelf Drilling announced that it has secured a one-year contract extension for the Trident 16 jack-up rig in direct continuation of its current term with Belayim Petroleum (Petrobel) for operations in the Gulf of Suez offshore Egypt.
IFC, the Egyptian Exchange, UN Women, and the Egyptian Institute of Directors partnered during the annual Ring the Bell for Gender Equality event to encourage the private sector expand economic opportunities for women in Egypt.
Pharos Energy confirms that it is participating in the process for the purchase of Royal Dutch Shell upstream portfolio in the Western Desert in Egypt as part of a consortium and is in the preliminary stages of its evaluation.
ACWA Power and partners signed a Memorandum of Understanding to conduct preliminary and feasibility studies for a series of water desalination projects in Egypt.
ENOC Misr, a joint venture between Proserv Group and the UAE’s ENOC, signed a memorandum of understanding with local lubricant manufacturers to evaluate blending and manufacturing of ENOC lubricants in Egypt.
Maersk Drilling has been awarded a one-well contract for the semi-submersible rig Maersk Discoverer offshore Egypt.
Eni, partners reach agreement to exit Union Fenosa, allows restart of Damietta liquefaction plant in Egypt
Eni signed a series of agreements with the Arab Republic of Egypt, the Egyptian General Petroleum Corporation, EGAS and the Spanish company Naturgy, to pave the way for the restart the Damietta liquefaction plant in Egypt.
Payfort has partnered with MENA’s Fintech innovation of the year, valU for installment sales services, to offer payment plans to a wide group of renowned ecommerce stores.
Telecom Egypt recorded consolidated profits of LE 4.4 billion during 2019, compared to LE 3.3 billion during 2018, marking an increase of 33.35 percent.
The EBRD is lending up to US$ 100 million to food and beverages producer Almarai for new investments in Egypt and Jordan.
Africa, Middle East installed 894MW wind energy capacity in 2019, market expected to grow over 10GW by 2024, GWEC
The latest data released by the Global Wind Energy Council (GWEC) shows Africa and the Middle East installed 894MW capacity of wind power in 2019, a decrease of 7 per cent on the previous year which saw 962MW installed.
The USTDA signed a Memorandum of Understanding with the Egyptian Ministry of Petroleum and Mineral Resources, paving the way for further cooperation between the US and Egypt in the petroleum sector.
IFC is the lead arranger for an Islamic financing package of up to $125 million to Humania, a private healthcare company, to help expand health services and improve medical care in Morocco and Egypt.
The EBRD is supporting the development of high-quality hospitals in Egypt and Morocco, teaming up with other international financial institutions to deliver funding.
Red Hat’s open hybrid cloud technologies are providing a horizontal cloud platform for Orange Egypt’s virtual network functions (VNFs).
Egypt plans to start operating its first commodities exchange by January 2021 which will provide commodity markets with greater price stability.
The Minister of Petroleum and Mineral Resources Tarek el-Molla has signed an agreement to search for and produce oil and natural gas in eastern Damanhur area in the Nile Delta.
Egyptian e-health startup Vezeeta has raised a US$40 million Series D funding led by UAE-based Gulf Capital, alongside further investment from existing Riyadh-based investor Saudi Technology Ventures (STV).
MentorLycon is a tech startup headquartered in Russia with an active presence in Egypt and expanding to other African countries.
The EIB has signed a EUR 1.2 million Technical Assistance agreement with the Egyptian National Authority for Tunnels to conduct a Feasibility Study for the rehabilitation of Cairo Metro Line 2.
The EIB has signed a financing agreement of EUR 120 million with the Arab Republic of Egypt to support the expansion and upgrade of the Alexandria West Waste Water Treatment Plant (WWTP).
The EIB and the Egyptian Ministry of International Cooperation have signed an agreement to provide up to EUR 1.5 million for a Feasibility Study for the Tanta-El Mansoura-Damietta Rail project.
The EBRD is boosting small businesses and green investments in Egypt with a US$ 82 million financial package to QNB Alahli, one of the country’s largest commercial banks, for on-lending to local enterprises.
Egyptian food delivery tech startup elmenus has raised $8 million Series B funding round. The round was co-led by UAE-based VC fund, Global Ventures, and Egypt’s Algebra Ventures.
Banque Misr signed a cooperation protocol with the Social Housing Fund, Real Estate Finance and Misr Express for Development and Trade (Zaher), to fund for housing units for low-Income earners in Egypt.
Commercial International Bank (CIB), Egypt’s leading private sector bank, has been included in the 2020 Bloomberg Gender Equality Index (GEI).
SDX Energy announces that the OYF-2 well in Morocco has been drilled to a measured depth of 1,210 meters and has encountered commercial quantities of gas in excess of pre-drill estimates.
The African Development Bank ((AfDB) approved a $22 million Senior Loan to help Egypt’s Corporate Leasing Company, Corplease, expand its operations in the North African country.
The Board of the African Development Bank has approved a $22 million Senior Loan to help Egypt’s Corporate Leasing Company (Corplease) expand its operations in the North African country.
Saudi Telecom Company, stc announces the signing a non-binding MoU with Vodafone in relation to stc’s potential acquisition of Vodafone’s 55% shareholding in Vodafone Egypt.
Egypt’s Minister of International Cooperation Rania Al-Mashat has been appointed Egypt’s governor at the World Bank and several other economic institutions.
MoneyGram International has partnered with Suez Canal Bank to allow MoneyGram customers from around the world send money directly to the bank accounts of friends and family members in Egypt.
Canon Central and North Africa (CCNA) has announced two new partnerships that underline their commitment to the Arab Republic of Egypt.
The Republic of Namibia has become the eighth country to ratify the Tripartite Free Trade Area (TFTA) Agreement moving the region closer to having a fully operational Agreement this year.
The Egyptian Ministry of Petroleum has signed nine agreements with a gross investment of $452.3 million for oil and gas exploration in the Mediterranean and Western Deserts.
A World Bank Group delegation of Executive Directors concluded a four-day visit to Egypt and expressed its commitment to continue supporting Egypt's development priorities.
The UK is partnering with five African countries to mobilise private sector investment in quality, environmentally-friendly infrastructure projects, International Development Secretary Alok Sharma announces.
During the UK-Africa Investment Summit, the UK and Egypt announced an agreement to enhance economic cooperation between the two nations.
[Egypt] Mastercard partners with Levi Strauss & Co to digitize wages of 10,000 garment factory workers
Mastercard has announced a global effort to pay garment factory workers digitally, a pivot from traditional cash payroll, to ensure they receive their hard-earned wages securely and consistently.
Ministers from Egypt, Ethiopia and Sudan reached a long-awaited agreement on the operation of the Grand Ethiopian Renaissance Dam, which will represent the largest hydropower project on the continent upon completion.
The EBRD is investing US$ 60 million to become a shareholder in Infinity Energy S.A.E., one of Egypt’s leading private energy companies through the issuance of new shares.
The Italian Development Cooperation is contributing more than €4.55m to two United Nations Industrial Development Organization (UNIDO) projects in Egypt and Iraq.
Ezdehar Management has acquired an undisclosed stake in Rich Food Industries, a fast-growing manufacturer of convenience foods focused on the animal protein segment in Egypt.
SDX announces that its reserves at South Disouq have been upgraded by 35% to gross 89 BCFE from gross 66 BCFE.
The Egyptian government has approved of Uber’s move to acquire Dubai-based ride-share company Careem for $3.1 billion.